Motilal Oswal Financial Services "Transition to AUM-led platform supports..."

研报英文原文证据摘录

Motilal Oswal Financial Services "Transition to AUM-led platform supports..."

Global Research

11 June 2026ab

Initiation of Coverage

EquitiesMotilal Oswal Financial Services

Transition to AUM-led platform supports non- India

linear earnings growth; initiate coverage at Buy Diversified Financial

12-month rating Buy

Prior : No Rating

12m price target Rs1,150.00

Structural beneficiary of financialisation-led AUM expansion

Prior :

Motilal Oswal Financial Services (MOFSL) is a diversified Indian financial services group

with businesses spanning wealth management, asset management and capital markets. Price (10 Jun 2026) Rs842.25

MOFSL looks well positioned to capitalise on India’s structural financialisation, with RIC: MOFS.BO BBG: MOFS IB

exposure to high-growth AUM pools from wealth and asset management. We believe

Trading data and key metrics

industry tailwinds remain robust and forecast mutual funds' AUM to grow at an 18%

CAGR by FY30E, with a 20%-plus CAGR (FY30E) for HNI wealth and alternatives. The 52-wk range Rs1,091.30-628.05

firm is transitioning to an AUM-led, annuity-driven model, where growth is linked to Market cap. Rs506b/US$5.31b

client assets rather than transaction volumes. For FY26-29E, we expect AUM to expand Shares o/s 600m (ORD)

at a 21% CAGR, driving a 19% revenue CAGR. We believe the market underappreciates Free float 26%

MOFSL’s shift to higher quality, recurring wealth and distribution earnings, reducing Avg. daily volume ('000) 1,174

broking cyclicality and driving a 22% earnings CAGR over FY26-29E. Based on our PEG Avg. daily value (m) Rs926.4

ratio analysis, we think the stock offers attractive risk-reward (Figure 44), trading at 15x Common s/h equity (03/26E) Rs129b

one-year forward PE, slightly above its three-year average.